Concrete Bonding Agents Market, By Agent, Application, and Geography - Insights, Opportunity Analysis, and Industry Forecast till 2025

Concrete bonding agents are synthetic and natural compounded materials that are used to enhance the bonding strength of a new concrete structure with the old structure without applying mechanical fasteners. These bonding agents are usually used for repair applications such as bonding of new concrete with old or hardened concrete and mixing it with cement repair mortar. This will enhance the strength and maintain the integrity of the old constructed surface.

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There are two major types of concrete bonding agents, namely, cementitious latex-based agents and epoxy-based agents. These types of bonding agents are used in various applications such as repairing, flooring, decorative, and marine. Cementitious latex-based agents was the largest segment in the global concrete bonding agents market in 2016, and the trend is expected to remain the same during the forecast period. The key driver for the major preference of these agents by end users is their low cost as compared to epoxy-based agents. Population explosion in Asia Pacific is subsequently fueling growth in residential & commercial construction activities emerging economies in Asia Pacific, Latin America, and Africa are fueling demand for these agents in repairing, flooring, and decorative applications. Moreover, due to the high adhesion they impart when applied onto old or hardened concrete and high compatibility of these agents with Portland cement and other hydraulic cements is a key factor fueling growth of the global concrete bonding agents market at a CAGR of 7.3% during 2017–2025.

Market Dynamics

Most players, especially small-scale companies, in the industrial sector are inclined towards repairing and retrofitting of their existing infrastructure, as opposed to investing in setting up of new facilities. This scenario is especially prevalent in emerging economies of India, China, and Brazil, in turn creating a highly conducive environment for growth of the concrete bonding agents market. Also, major investments made by private and public sector organizations for the repair and restoration of bridges, parking areas, and tunnels, among other public infrastructure provides further impetus for growth of the market. For instance, the government of Alberta has initiated a Strategic Transportation Infrastructure Program (STIP), which will commence during 2017-2018 fiscal year for an estimated budget of US$ 119 million to support rehabilitation and construction of roads and bridges in Alberta’s smaller municipalities. Furthermore, a further investment of US$ 4.6 billion has been sanction the government for highway expansion, safety upgrades and large scale projects such as Edmonton and Calgary Ring Roads.

Asia Pacific, followed by North America and Europe is expected to dominate the market in 2016 and the trend is expected to remain the same during 2017-2025. Continuous infrastructure development and the growing need for building new houses due to increasing population in China and India, results in a major demand for repairing, flooring, and decorative applications. This in turn, is projected to position Asia Pacific as the largest and fastest-growing region in the global concrete bonding agents market. The market in Latin America too, is expected to witness a CAGR of 7.5% in terms of value, during the forecast period.

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Market Taxonomy

This report segments the global concrete bonding agents market on the basis of agent and application. On the basis of agent, the market is segmented as cementitious latex based agents and epoxy based agents. On the basis of application, the global concrete bonding agents market is segmented as repairing, flooring, decorative and marine. However, repairing is the largest application segment, accounting for over 40% share of the global concrete bonding agents market in 2016, while, decorative is projected to be the fastest growing application segment and expected to grow at a CAGR of 8.2% in terms of revenue during the forecasted period.

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